Construction Accounting and Tax Services

Construction companies and contractors have been a major part of our client base since the firm's inception. The members of the Construction Client Service Team dedicate themselves to constantly improving their skills through training and participation in industry associations. Areas of particular importance to construction clients include financial analysis, benchmarking, construction accounting and tax matters. Cash-flow forecasting and bonding capacity are other top-of-mind concerns for our construction clients and our client service team.

Business valuations are also unique within the construction industry. Assisting companies with these valuations is critical when contemplating a sale, merger or acquisition, as well as when creating the terms of a company's buy-sell agreement.

To provide an exceptional level of client service to our construction clients, we have invested in a number of programs that provide additional value. Among these items are:

• The Contractors Roundtable Series – Forums that enable participants to network and discuss common challenges and opportunities.
• Construction Benchmarking and Compensation Study – Information to help keep our construction clients up-to-date on pay scales by position, compensation strategies, local benchmarks, and recent trends in the industry.
• Construction Newsletter - Insighful articles dedicated to keeping our construction clients up-to-date on recent trends.

Ten members of the Construction Client Service Team have completed a customized training program to earn the designation of Construction Industry Technician (CIT).

Resources

Difficult times make attention to the basics more important than ever, which means now is a good time for contractors and subcontractors to take a fresh look at their budgeting process. There are six basic steps a construction company should follow as part of its standard budget discipline. Read more

General contractors are more consistently and methodically prequalifying their subcontractors and monitoring the performance and financial strength of those subs. While prequalification certainly benefits the GC, it also benefits the subcontractor by keeping the sub focused on jobs with which it has the greatest chance of success and making it easier for vendors and suppliers to do business with them. Read more

While strategic planning might seem like a luxury a small business owner can’t afford, the time spent assessing the environment and your organization’s strengths may actually be the highest-yielding investment you can make. For contractors who take the time to evaluate where they want to go and how to get there, the rewards are many – not the least of which is the hope it can provide contractors and their employees by giving them a sense of control over their destiny. Read more

In today's challenging economic climate, many struggling state tax departments are focusing their attention on self-assessed use tax to identify and capture revenue. Businesses are encouraged to proactively manage their sales and use tax compliance and liability, which in turn will reduce their audit exposure. It can be particularly challenging for local contractors, because Ohio Sales and Use Tax rules for construction contracts are becoming increasingly complex. Read more

In the current economic climate, contractors are fighting for every project they get. Many have lowered margins, reduced overhead or moved to a new geographic area in an attempt to weather the storm. Some will soon face another challenge: a rising debt-to-equity ratio that may make it more difficult to obtain bonding and financing. The changes to those contractors’ financial information stem from proposed changes to lease accounting that would require them to record an asset and a liability on property they lease. It is expected to create an increase in assets but a greater increase in liabilities and financial leverage. Read more